The URL can be used to link to this page

Home My WebLink About4780-19 Catalyst Three Designating Real Property Tax Abatement RESOLUTION No. 4780-19 Passed by the Common Council of the City of South Bend, Indiana April 8, 20 19 . Attest: itt.c.4-14tAr City Clerk ar-- ••_ - • oder Attest J_ President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana April 8, 19 20 /I ti L _ ZAN ' City Clerk K.reemah N. Fowler Approved and signed by me Pqf 11 9 20 1 9 --12Z64-0 -- United States of America _ ' Si, r,, \ l`.** -RECEIVED- Upt-toR„, APR 2 6 2019 ST. Joss-P 1 ST.JOSEPH COUNTY P ASSESSOR Certificate STATE OF INDIANA, COUNTY OF ST. JOSEPH, ss: I, Kareemah N. Fowler, Clerk of the City of South Bend, County of St. Joseph, Indiana, hereby certify that the attached and foregoing is a full, true, and correct copy of RESOLUTION 4780-19 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND,INDIANA,COMMONLY KNOWN AS IGNITION PARK,SOUTH BEND, IN 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT (8) YEAR REAL PROPERTY TAX ABATEMENT FOR CATALYST THREE, LLC ADOPTED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APRIL 8, 2019. PRESENTED TO, APPROVED AND SIGNED BY MAYOR PETE BUTTIGIEG, APRIL 9,2019. ATTEST: TIM SCOTT, PRESIDENT OF THE COMMON COUNCIL ATTEST: KAREEMAH N. FOWLER, CITY CLERK the original of which is now on file in the office of the Clerk of the City of South Bend, St. Joseph County, Indiana. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official Seal of the City of South Bend, St. Joseph County, Indiana, this ckday of t,i 20 19 Kareemah N. Fowler Clerk of the City of South Bend St. J ph County, Indiana iazeeior.-0-01 -4i0.-4,„A----- By: Kareemah N. Fowler BILL NO. 19-26 RESOLUTION NO. 4780-19 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS Ignition Park, South Bend, IN 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT (8) YEAR REAL PROPERTY TAX ABATEMENT FOR Catalyst Three, LLC WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area located at the Ignition Park, South Bend, IN. which is more particularly described as: Lot 3 Ignitions Park Minor Sub #1 15/16NP#11010 10-28-2014 and which has Key Number 018-8021-084916 be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6-1.1-12.1 et seq.,and South Bend Municipal Code Sections 2-76 et seq., and; WHEREAS,petitioner has agreed to and has accepted responsibility to report any changes in the final legal description and to report the final, appropriate Key Number to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS,the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code § 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76,et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS,the Community Investment Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code § 6-1.1-12.1 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code § 6-1.1-12.1-3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to three (3) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of eight (8) years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 100% Year 3 - 100% Year 4 - 100% Year 5 - 95% Year 6 - 90% Year?- 80% Year 8-70% SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Tim Scott, o President South Bend Common Council PRESENTED oL -D -Z o n $� PROWL 9CDUPTfici. oU - (6-20141 Filed in Clerk's Office APR 0 3 2019 KAREEMA� FOWLER CITY CLERK,SOUTH BEND,IN CITY OF SOUTH BEND COMMUNITY INVESTMENT Council Member Gavin Ferlic, Chairperson April 3, 2019 Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 RE: Real Property Tax Abatement Petition for: Catalyst Three,LLC Dear Council Member Ferlic: Please find attached the Department of Community Investment's report on a real property tax abatement petition for the above-referenced petitioner. Also attached is a copy of the petition, Statement of Benefits form,and supporting information. Catalyst Three,LLC is proposing to invest more than$16,000,000 in the construction of a new office building located in the Ignition Park, South Bend. The report contains the Department's findings relative to the above petition. The project meets the qualifications for a(8)eight-year real property tax abatement and a representative from Catalyst Three will be available to meet with the Committee on Monday, April 8, 2019. Should you or any of the other Council members have any questions concerning the report, or need additional information,please feel free to call me at 235-5823. Sincerely, rzio Daniel Buckenmeyer Director Economic Resources & Business Development DANIELJ.BUCKEiNMEYF.R AI.KEYNA AI.I)RIDGE PAMELA MEYER TIM CORCORAN BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMUNITY RESOURCES EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 14005 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov Filed in Vet-Vs OtIc \--RR032019 TAX ABATEMENT REPORT �_r _- TO: South Bend Common Council FROM: Angelina Billo SUBJECT: Real Property Tax Abatement Petition For: Catalyst Three,LLC DATE: April 1, 2019 On March 29, 2019, a petition for real property tax abatement consideration for property located in the Ignition Park,South Bend was filed with the City Clerk by Catalyst Three,LLC. Pursuant to Chapter 2, Article 6,Section 2-84.2 of the Municipal Code of the City of South Bend,this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition,investigated the area,and makes the following report. PROJECT SUMMARY • Catalyst Three, LLC is proposing to invest more than $16,000,000 in the construction of approximately 83,000 sq. ft.new office space in the Ignition Park, South Bend. • The new office building is intended to serve as an instrumental factor in retaining a highly valued employer within the City of South Bend. • Total project cost is approximately$16,000,000. • Petitioner is qualified for an eight-year real property tax abatement. • The estimated amount of taxes phased-in for the eight-year abatement is$2,373,722. Estimated paid taxes paid for the eight-year term are$418,898. Current annual taxes are under$1,500. EMPLOYMENT IMPACT As the developer,Catalyst Three,LLC will not have direct employees.However,this site/building is being built-to-suite a very important South Bend corporation that DCI has been working with for the last five years to retain and grow in South Bend.The benefits of this tax incentive will directly impact the retention of, at least, 500 full-time jobs in the City of South Bend. ABATEMENT OUALIFICATION 1. A review of the tax abatements previously granted finds that the Petitioner,Catalyst Three,LLC has not been granted or associated with any previous tax abatement. 2. The Area Plan Commission has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. The Building Commission has reviewed the petition and finds no building permit was issued. 4. The property is located in the River West Development area. 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a(8) eight-year real property tax abatement under section 2-75 Real Property Tax Abatement General Standards. • e m0mt71D o NON- m 0m N- al CDDo)gmLO m N o 0 o M r M CD m M r a i m e n O m N a o non m o m COD y COOC N 0 PMI PM) C')') 0 y0 f' } "too N CO in M N .N- C'f ! V 0 N M M .-wNtil CC Z ® an Li.iw omlommn a mol C.0.D c%1 ,� - m toy CO C')Nm MO m 00 qC.., M 'p �'"-- VI PI m c6 I ! � i .— a_ la • 11 C0m ! m $ m0m mom C i, ujNm0' mym )C.- M o 0 . cd i }OppON M MNQ ••C )d• .. 4 !.: 0.0.0 LLA 1 v - ....ate.. fir-;. ' e l 0 m m 0 a m o m m o m o �f001+1 Cf<$ CM'1 a a o p0 }v m 0,7 P7 N N R Pf 00 6 P) 0) a M00O0 e mom .0. N XD00000r, 0000 n m P OdO'Np M r n n Zi- aaM DN m Q • OmD 1} sr 0q M v 0 0 0.o M MD m eh NNNNMON a 1D r rR N- g=t G) cCO L O C CO-a. $"om60 o mom WOO ry N = - O O6ip'aO M aM Q O nI 'URI!mm aImNt OO In N CO 0000mrnN n F.. Ol mO 1}COLD ).) NJ N 0) s0�) ¢ CD0000 C M N M N f0 vCC)Mv In P) NtC')N NNN N .- M o U) Q N ? a x ca c MC `Dom $100)60 a mom mom m ; l mm m m m m mm o m o 0 o M n n c d x n n n n n n n n N ,,,WW O y m M M tO M V' O O �Z N 00000004, m U 00 Qvin r}NOOCC) g N N 0i Oi E°D eovvvvv V oNi haCO CDDI Nt II) N N M 82 MNMMMMMM n 18 ¢0 Cr m N J W O 0 E 5 com om $ M I[)m mom ug m 00000000 n L m 0 m r M n n n N d x n > EC?n m M ro0 0 0 Zi tC nnnn nnn n m X N 0 m rain Di m ar rnrrrrrr m m ,-7. 066 Rm Io mN C) N A'')V 7 NNN V CD LV 1f) to. LL'/ (ONM M M MPI MMMM M n N G r 1 N y2 y L'E 1- E _ y U (Cp O pp e m m ... myl ......vv�p rptp� 1 '2 C~tOp 1D M ON cm'I Pm) .1 R f`m9222c'�l' 2A X TL U v st M N- r r W 1 «p Q M W C y 6 U D ro 2 W >V m rNMV.00Nm E m a) 00 N O a y o 0 0 0 R il z c o..0. D m s) tif 47 t.10 n6 E Rtp A j H i m 7 FUW �R > 0V a c.0 ' o 2 W l c `o N= '^E- y N mH yAP � U U y - o a) L. >N ~ Nx D.AyY ` 0 0NVC C . U2' @ yEH . 1"A mm y iCCOEQ .4 .9mH m0a'> >i Ce << nAa ) z UCDU 3E ¢ a1 H 7 2:- W m ' b 0 N >- 7 co 2 N 22 2 m tm U m J Q 0_1 6